Workspace Group PLC

M&A Activity • Apr 4, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 0292E

Workspace Group PLC

04 April 2014

Workspace GROUP PLC

sale of second phase of bow enterprise park london e3

Workspace Group PLC ("Workspace"), London's leading provider of space to new and growing companies, is pleased to announce that it has sold the residential part of the second phase of its mixed use development at Bow Enterprise Park E3 to Peabody Enterprises ("Peabody"). The site is adjacent to the first phase of the development which was also sold to Peabody in 2012 and is under construction.

The second Phase comprises 160 apartments and 3,000 sq ft of commercial space.  Peabody will pay £11m in cash once vacant possession has been achieved, which is expected to be May 2015, and will return the new commercial space to Workspace.

Workspace obtained planning consent on this four acre industrial estate for 557 apartments and 50,000 sq ft of commercial space in 2011.  The third and final phase, comprising 130 apartments and 33,000 sq ft of commercial space, will be marketed in due course.

The repositioning of the Bow Enterprise Park, located adjacent to Devons Road DLR Station, will contribute to the transformation of this vibrant part of Bow which is already underway with several other large scale residential developments.

Commenting on the announcement, Jamie Hopkins, Chief Executive Officer said:

"We are delighted to announce the sale of the second phase of our mixed use scheme in Bow.  This development will not only benefit fast growing businesses, helping to mitigate the high demand for space, but also the wider community.

"The redevelopment will also provide a significant boost to both the capital value and rental income of the site and demonstrates our ability to add significant value through asset management."

For media enquiries please contact:

Workspace Group PLC
Jamie Hopkins, Chief Executive Officer	020 7138 3300
Graham Clemett, Chief Financial Officer
Bell Pottinger Victoria Geoghegan Nick Lambert Duncan Mayall	020 7861 3925

Notes to Editors

About Workspace Group PLC

·    Workspace is a FTSE250 company and has been listed on the London Stock Exchange since 1993;

·    It has a strong 25 year track record in providing tailored business premises to growing companies in London;

·    It owns and manages c.100 properties across London providing c.5.1 million square feet of space and is home to some 4,000 businesses employing over 30,000 people

·      For more information on Workspace, please visit: www.workspace.co.uk 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISIJMFTMBIMBTI